How to File Taxes If Self-Employed In Canada | Small Business Sole Proprietorship | Wealthsimple Tax

This video is a guide on how to file your taxes in Canada if you are self-employed. This video is for the small business owner who operates as a sole proprietor. I will be using Wealthsimple Tax to file a T1 income tax return and mainly focusing on the T2125 form for reporting business or professional income. Also even if you don't plan to file your own taxes or haven't started a business yet, you can learn about the expenses you can deduct, capital cost allowance and other important information about your tax return.

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0:00 Intro
1:27 Before the T2125 form
2:19 Identification
3:55 Income
4:48 Expenses
5:27 Capital cost allowance
8:33 Business-use-of-home expenses
9:57 Motor vehicle expenses
11:21 CPP & EI
12:30 Final thoughts

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Music: Coupe By The Grand Affair

[CharleeWayne]

Sign up for Wealthsimple Tax using my link and get a $10 bonus

[Schroefdoppie]

Was trying to do this on HR block site and starting to get frustrated (and its not even free anymore)...but this seems doable. A lot of good info in this video. Thanks!!

[PacificArcTigWelding]

This is dope. Appropriate timing too. I’m a welding artist and run some programs online here in Vic Bc. Thanks for the info dude. Peace from Vancouver Island 🤙🌴

[NikkiM]

I need this for next year but this was perfect, I feel like a moron trying to do my own taxes, I appreciate this.

[RyanThomasWoods]

Thank you soooo freaking much for this detailed video! It really helped guide me along while I did my taxes

[ginettevincent]

Great job. I'm already a Wealthsimple everything seemed quite familiar

[sceniclife]

Great video, definitely deserves a sub!

[MeditationVibes]

Straight to the point - thank you for your insight to make it simple

[lasseborgos]

Razor sharp content, Charlee! Thanks!

[owbiseb]

5 mins in and subscribed TYSM this is exactly what I was looking for.

[mlara]

Charlee YOU ARE A MASTER. I respect you and I will follow you. THANK YOU.

[jrdtheace]

speed and precision ! now thats just what I needed

[Neighbourhoodgoth]

Great video. Appreciate you making this.

[WarTornPH]

A guy that has a cybertruck as his wallpaper, you know it's going to be sketchy

[WorkAnywhereGo]

Such a great video, thanks so much Charles!

[Aubatron]

Very detailed and informative video, thank you.

[brenvalkyrie]

This was an invaluable video, thank you so much!

[dheylavie]

Very informative! since I’m an international student, can I use the same software to claim credit for the educational/tuition fee expenses?

[wahidullahbhat]

Thank you Charlee, much appreciate your help.

[sthegamer]

Hey brother great video and very helpful, I have a question, me and my wife we are partners in cleaning business do we have to file each one of us separately or do we just submit 1 application and put partnership? also is it form T2125 in our situation? any help appreciated